Inhoudsopgave Bestuursverslag Corporate governance Jaarrekening Rabobank Groep Jaarrekening Rabobank
edtf 11 Table 2: Overview of changes in qualifying capital.
Overview of changes in qualifying capital
Qualifying capital at 1 January 2015 CRD IV
45,139
Opening common equity Tier 1 capital at 1 January 2015
28,714
Retained earnings
66
Net profit
880
Rabobank Certificates 18
Non-controlling interests
(5)
Reserves
(141)
Regulatory adjustments
(291)
Transitional adjustments
(487)
Closing common equity Tier 1 capital at 31 December 2015
28,754
Opening additional Tier 1 capital at 1 January 2015
5,161
Capital Securities
1,488
Regulatory and transitional adjustments
(351)
Closing additional Tier 1 capital at 31 December 2015
6,298
Opening tier 2 capital at 1 January 2015
11,266
Subordinated debt
3,340
Regulatory and transitional adjustments
(203)
Closing tier 2 capital at 31 December 2015
14,403
Qualifying capital at 31 December 2015
49,455
The subordinated debt increased mainly due to the issuance of
2 subordinated liabilities (USD 2.75 billion and AUD 0.7 billion).
A detailed breakdown of CET1.T1 andT2 and for the additional
information about the CET1-.T1 andT2 capital instruments can
be found in Annex 14.1
Rabobank Certificates
Rabobank Certificates have been listed on Euronext Amsterdam
since January 27, 2014. The target minimum return on the
Rabobank Certificates is 6.5% on an annual basis.The price rose
to 107.45% (26.86) on 31 December 2014 to 111.46% (27.87)
on 31 December 2015. The average daily turnover on the
stock exchange in 2015 was 4.3 million securities, and the total
volume of securities traded was 238 miiiion.The stock exchange
listing means that the Rabobank Certificates are also available
to individuals who are not a member of Rabobank, which
increases the tradability of this instrument.
Capital Securities and Trust Preferred Securities III to IV
Rabobank Nederland has Tier 1 capital instruments outstanding
as at 31 December 2015 for an amount of 9,133, of which 1,488
(issued in 2015) is CRDIV compliant and of which an amount of
6,373 is grandfathered. The Tier 1 capital instruments consist of
Capital Securities and Trust Preferred Securities III to IV.
Capital Securities
All Capital Securities are perpetual and have no expiration date.
The distribution on the Capital Securities per issue is as follows:
Issue of EUR 1,500 million - The distribution is 5.5% per
year and is made payable every six months in arrears as
of the issue date (22 January 2015), for the first time on
29 June 2015.The Capital Securities are perpetual and
first redeemable on 29 June 2020. Capital Securities are
recognised as equity, as there is no formal obligation to repay
the principal or to pay the periodic dividend. These Capital
Securities comply with the current rules, the so-called CRD IV
and CRR requirements, concerning additional tier 1 capital.
The conditions include the requirement that the securities
must not pay starter interest and must absorb losses if
a certain trigger is reached. In that case, the relevant amount
will be debited from the principal.The debiting will occur
on a pro rata basis with other additional tier 1 instruments.
This instrument has two triggers: One at Rabobank Group
level and the other at the level of Rabobank with the local
Rabobanks (Local Rabobank Group). For Rabobank Group,
the trigger is at a common equity tier 1 ratio of 7%, and for
the Local Rabobank Group at 5.125% respectively; this series
of Capital Securities absorbs losses from that point onwards.
As of 29 July 2020, and subject to Capital Securities not being
redeemed early, the distribution is set for a further five-year
period, but without a step-up, based on the 5-year euro swap
rate 5.25%.
Issue of USD 2,000 million - The distribution is 8.40% per
year and is made payable every six months in arrears as
of the issue date (9 November 2011), for the first time on
29 December 2011.The Capital Securities are perpetual and
first redeemable on 29 June 2017. If the Capital Securities are
not redeemed early, the distribution is set for a further five-
year period, but without a step-up, based on the US Treasury
Benchmark Rate plus a 7.49% mark-up.
Issue of USD 2,000 million -The distribution is 8.375% per
year and is made payable every six months in arrears as of
the issue date (26 January 2011), for the first time on 26 July
2011. As of 26 July 2016, and subject to Capital Securities not
being redeemed early, the distribution is set for a further five-
year period, but without a step-up, based on the US Treasury
Benchmark Rate plus a 6.425% mark-up.
Issue of EUR 500 million - The distribution is 9.94% per
year and is made payable annually in arrears as of the issue
date (27 February 2009), for the first time on 27 February
2010. As of 27 February 2019, the distribution will be made
payable every quarter based on the three-month Euribor plus
an annual 7.50% mark-up.
330 Rabobank Jaarverslag 2015
